AM Best downgrades Puerto Rican reinsurer
US ratings agency AM Best downgraded the financial strength rating to B+ (Good) from B++ (Good) and the issuer credit rating to "bbb-" from "bbb" of Puerto Rican life reinsurer Popular Life Re. The outlook for both ratings is stable.
The company is a life reinsurance subsidiary of Popular Inc, a publically traded bank holding company based in Puerto Rico.The weakened financial condition of the parent company, mainly driven by
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